[Anonymous]

Hey guys I am currently going to be a senior at a state school in PA. I am going to be graduating with my bachelors degree in accounting and I am pretty sure I want to be a forensic accountant. I have read about it but not really sure which way to go. I have heard that you can just go get your Masters in Accounting, and then sit for my CPA exams after I obtain the 150 credits. The other way is going for my Masters in Forensic Accounting and having a specialty then sitting for my CPA exams after. I need to decide soon because I need to apply for a Masters program. From your experience, what do you think would be the best pick?

[MeaDebitum]

Honestly I'm not sure, but I think that a lot of forensic firms look for experienced hires, not recent college grads. I could be wrong though.

[Anonymous]

Yeah I am not sure if they have entry level positions for forensics accounting. But I have heard that some firms like when people have specializations instead of just a masters in general accounting.

[Gifuto724]

You could always go with the general Masters in Accounting (there should be a Fraud/Forensic class or two you could take as elective hours) but then become a CFE (Certified Fraud Examiner). In my opinion, you are going to need the CPA regardless, coupled with some real world experience.

Good luck.

FAR ~ TBD AUD ~ TBD
REG ~ TBD BEC ~ TBD

[Anonymous]

Yeah either way I know for sure that I am definitely going to try and get my CPA. I know I will start at an entry level position as well to gain experience but I am still just stuck on those two master programs.

[Jeremy]

We actually have a Forensic Program at my school and the majority of the people that I talk to from the program regret doing it. Mostly because the firms aren't really looking for a specialty in forensic accounting as much as they are looking for people who have passed their CFE exam, and you can pass the exam without ever having a class in forensic accounting.

B- 8/13/2012- 92
A- 7/19/2012- 83
R- 5/30/2012-82
F- 7/3/2012- 90

[Jeremy]

Also there are a lot of entry level forensic positions available at the bigger firms, if you are qualified (passed CFE/CPA exam, decent GPA, an internship or some work experience).

B- 8/13/2012- 92
A- 7/19/2012- 83
R- 5/30/2012-82
F- 7/3/2012- 90

[Anonymous]

Oh ok I could see where the firms would do that. I have also heard though that firms already know you have a bachelors degree in accounting, and it is kind of a waste to get a masters in general accounting when you already have one degree in that. I'm not disagreeing I just want to really narrow it down. Either way I will still one day (hopefully) have my CPA and that is ultimately what matters most, in terms of degrees and such right?

[Jeremy]

It's more about trying to specialize in an area when you are getting your MAcc, take a bunch of systems courses, tax courses or even forensic courses. It helps you differentiate yourself from the rest of the pack.

You could get your MBA or just take classes post-bacc to get your 150 hours. The reason why so many people get MAccs is because we need more hours in accounting to meet the 30 credit hour requirement and we need more classes to get the 150 credit hour to get our CPA. MAcc does both of those things.

B- 8/13/2012- 92
A- 7/19/2012- 83
R- 5/30/2012-82
F- 7/3/2012- 90

[Anonymous]

Alright so you think just going for a general Masters in accounting instead of Forensics accounting is the best way to go? Also, how much do the CPA exams cost to take? I know you have to take four of them and 1 year + to get certified.

[Anonymous]

Hi DMB,

I agree with JStory, I don't think you would want to be too specialized in case you ever decided to do something else. You'll still succeed with a general MAcc and CPA/CFE certs. So, yeah, I agree that it's the best way to go.

To your second question, that depends on a few things:

1) If you already have a job lined up, sometimes they'll pay for it

2) What review course you select (Becker is about $3,000 but [imo] totally worth it)

3) The exam fees are going to be about $1,200 all-in (app fees included), but I think they vary slightly from state to state

4) How many times you take it (Realistically, the minority of people pass all four parts on their first attempt and it's about 250 – 300 per section, so factor that into your analysis)

5) So I would guess that if you don't have a firm to pay for it, your initial capital outlay would be apprx $4,500 – $5,000

However, given the future cash flows from your certification (“Over the course of a 40-year career, a CPA can earn as much as $1 million more than a non-certified accountant.”

To your final question: Yes, you must pass all four within an 18 month window, pass the your state ethics exam, comply with the educational requirements (150 usually), and obtain 1 year of work experience (depending on state, must be in the field of attestation).

Created with Compare Ninja

[Jeremy]

Based on what recruiters have told me and the experience of some of my classmates I would say yes.

Also the ACFE has a great student discount for the CFE exam, $350ish for review materials and exam which is over a grand after you graduate.

B- 8/13/2012- 92
A- 7/19/2012- 83
R- 5/30/2012-82
F- 7/3/2012- 90

[Anonymous]

Ok thanks a lot for that information. I never realized how much you really need to know and go over when trying to obtain the CPA certification. I feel better now about going with the general MAcc. With the general MAcc, I can still land a job in forensic accounting in my career right?

[Jeremy]

I spoke to two different Big 4 recruiters who told me if I passed the CFE and the CPA exam they would take me over someone in our forensic program, without the certifications. Obviously, if there were someone with both certifications and the forensic specialty they would probably get the position over me. All in all though I would say if you pass your exams before recruiting season, I would say your chances are pretty good.

B- 8/13/2012- 92
A- 7/19/2012- 83
R- 5/30/2012-82
F- 7/3/2012- 90

[Anonymous]

Ok thanks a lot again for your help and I really appreciate it.

[gennatay]

I've been looking for a forensic position as well. My advice is to try to get a position in Audit or staff accountant at a firm and work your way to the forensic department.

[Author]

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